You are here: Home - Investing - Experienced Investor - News -

Uber loses $1bn in first quarter

Written by: Danielle Levy
Uber saw losses widen to $1bn in its first quarterly update as a listed public company.

Losses at the ride-hailing app doubled year-on-year during the first quarter to more than $1bn. Uber pointed to competition pressures, which had resulted in the business paying higher incentives to attract drivers.

The company’s revenues totalled $3.1bn over the first three months of 2019, which represented a 20 per cent increase year-on-year.

Uber has been spending heavily to grow its market share and beat competitors, such as Lyft in the US, while also investing in the development of autonomous vehicles.

Its first quarter update follows a lacklustre IPO, which saw shares fall from $41.57 just after flotation to $37.10 three days later.

Uber’s share price has recovered slightly and today trades around $39.80.

Uber’s growth has been exponential in recent years and it has established itself as a disruptive business model in the taxi industry, with a presence in more than 60 countries. However, the business remains loss-making.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Arrow downwards outlining house sillhouette
House price growth stagnates for sixth consecutive month

Annual house price growth slowed to 0.6 per cent in May - marking the sixth consecutive month of sluggish growth...